To be an entrepreneur is to be constantly adapting. In a world where the market is ever-changing, it’s important to be able to shift, to refocus and rebrand… to be ready for whatever is coming next. Iva Pawling, the Founder & CEO of Richer Poorer, a California-based inner wear company with a cult following, knows a thing or two about having to think on the fly.
“It was completely the opposite of what we expected, and they ended up filing for bankruptcy within thirteen months of acquiring us,” Pawling said of Richer Poorer’s ill-fated acquisition. “It was just insane. It really taught me to always have a Plan B. Like… if things don’t go how you plan, how are you handling it?”
So how did she handle it? How did Richer Poorer survive huge obstacles like a failed acquisition, over-complicated marketing tactics, and a major supply-chain stallout? Find out on this episode of The Journey.
Main Takeaways:
- Sometimes, it’s okay to not run on pure passion: The old saying goes something like this: “Motivation is for amateurs, discipline is for professionals.” There might come a time when a brilliant opportunity presents itself, but it’s not something that completely lights your fire. It’s not your dream. There are times when you might need to look at the bigger picture and think long-term. It might not be the most exciting thing, but maybe it’s the right next step. Successful careers take both passion and smart moves done at the right time.
- Pay if forward: When Iva was just starting out, she reached out to a lot of her contacts, all of whom were eager to point her in the right direction. That’s because, she explained, that all entrepreneurs have had someone do the same for them when they were just starting out. The business world can be very cutthroat, but it can also be full of camaraderie. Keep an eye out for those moments when you can help someone… it will come back to you, eventually.
- Vulnerability can be a strength: Every business will face curveballs and moments of uncertainty. Good leaders will turn to their team and ask for help with blind spots instead of pretending to have all the answers. By being vulnerable, you invite your team to find the best solution.
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This season of the Journey is produced by Mission.org and brought to you by UPS. To learn how UPS can help your small business, go to UPS.com/pivot.